BEH's revenues have soared The Bulgarian Energy Holding (BEH) reported over 90% growth in revenues to BGN 312 million for the nine months of last year. For this period there was growth in the profit - before taxes it was BGN 137.7 million, or an increase of about 15% compared to a year earlier. This shows the company's report published by the finance ministry. The enormous increase in revenues is mainly due to the dividends paid by the BEH companies, the biggest contribution coming from the Kozloduy NPP. The sale of the energy exchange for BGN 5.2 million on the Bulgarian Stock Exchange also affected the revenues of BEH. The Maritza-Iztok Mines has contributed with a profit of BGN 3.5 million and has also transferred 50% of its dividend to BEH. Another state energy company - Bulgargaz - has recorded profit. Nevertheless, the company registered a drop in its net income to BGN 4.1 million for the nine months of 2018. For comparison, in the same period a year earlier they were almost BGN 20 million. NEK is also performing with a declining trend in its results. The company reported a negative financial result for the nine months amounting to BGN 153.4 million, compared to the same period in 2017, when the decline was by BGN 62.4 million. However, Bulgartransgaz and the Electricity System Operator show positive results, whose profit for the nine month was BGN 23.4 million.
Source: Sega (09.01.2019)

Trade Union Podkrepa: We will Protect Coal Plant Maritsa Iztok by all Means Trade union Podkrepa will protect the Maritsa Iztok complex by all available means, union leader Dimitar Manolov said at the opening of a congress of the organisation 30 years after its establishment, Focus News Agency reports. “We will always protect the Maritsa Iztok complex while it is able to operate, generate the sole 100% Bulgarian electricity, not dependant on imports of raw materials, technology or labour,” Manolov declared. “We hope the next European Commission will have a more reasonable policy in this crucial field not only for Bulgaria but for Europe as well,” he added. He further said the Bulgarian coal power industry in the area of Maritsa Iztok was at risk of destruction and needed continuous efforts by Bulgarian institutions to protect the national energy sector. Environmental protection is very important, but the priority should be placed on people’s interests and then one should find the acceptable balance, he said.
Source: National television (12.02.2019)

BEH works with a consultant on the capacity of coal plants The Bulgarian Energy Holding (BEH) signed a contract with an international consultant to develop a capacity mechanism, as provided by European legislation, for power plants that produce electricity from coal, said Energy Minister Temenuzhka Petkova. By the end of October, this mechanism must be notified to the European Commission, Petkova pointed out and hoped that the mechanism would be approved. Thus, we will give a much greater sustainability to the development of coal mining in Bulgaria and a guarantee for our energy security, said Temenuzhka Petkova. This industry is a sector of the Bulgarian economy of strategic importance and at the heart of a number of other sectors. It forms almost 5% of GDP. It directly employs are nearly 22,000 people and indirectly - about 120,000. One of the biggest challenges facing the mineral industry is related to the development of coal mining, said Petkova. Coal-fired power plants account for 46% of the electricity production in the country, which is directly related to the national and energy security.
Source: investor.bg (19.08.2019)

The court finally blocks most of Remotex-Radnevo's assets The Plovdiv Court of Appeal affirmed the precautionary measures imposed on most of the assets of the bankrupt Remotex - Radnevo, which were requested by former workers and creditors united in the Cherpivir company. Four months ago, the Stara Zagora District Court issued a ruling in that direction, but it was appealed. The current second instance ruling is final, meaning that the current owner of the assets Remotex M will not be able to dispose of them so that they end up in another owner. This is necessary since the main litigation is precisely the controversial transfer through a complex series of property transactions of the former Mini Maritsa Iztok SPJSC repair plant to another company, in which Greek citizen Ioannis Giofkos, a resident in Bulgaria, is a major contributor. A case is currently underway to reverse this transfer, which, if any, will rewind the tape back five years and the property could be returned to the bankrupt Remotex - Radnevo.
Source: Capital (16.09.2019)

KPKONPI found conflict of interest with a former BEH chief Former head of the Bulgarian Energy Holding (BEH) Petio Ivanov found himself in a conflict of interest. The reason is that he combined this post with his participation on the board of directors of Bulgargaz. This was made clear by a decision of the Anti Committee for Combating Corruption and the Withdrawal of Illegally Acquired Property (KPKONPI). As director of the holding Iliev voted for himself during his appointment at Bulgargaz and determined his salary. Therefore, he was fined BGN 15,000 and ordered to forfeit the received remuneration of BGN 60,000. Other former and current managers of BEH, such as Jacquelin Cohen, Zhivko Dinchev and Andon Andonov, are in a similar situation, but there are no known decisions made about conflicts of interest. Cohen, in addition to the director of the holding, is also a member of the Board of Directors of Kozloduy NPP. Dinchev is the executive director of TPP Maritza-East 2 and Andonov directs Mini Maritza-East.
Source: Sega (15.10.2019)

The remains of Agrobiochim's assets in Stara Zagora are being... gifted away now Dimitar Smilenov, bailiff of the former largest nitrogen fertilizer plant in Bulgaria, Agrobiochim JSC in Stara Zagora, is trying to raise any funds by selling "last pieces" of the assets of the bankrupt plant. On December 11, he announced eight auctions for the sale of properties owned by the company. After dozens of sales attempts, their price has already become more than ridiculous. For example 18,132 sq.m. agricultural land in the area of the village of Hrishteni near Stara Zagora, will be traded at a price of BGN 9660. Or two decares per BGN 1. The same is the situation with other sites of Agrobiochim JSC. The debts of the bankrupt chemical industry enterprises, amounting to tens of millions BGN, are mainly to the state-owned companies Bulgargaz, NEK, and Mini Maritsa Iztok, and at these levels of trade they would never be repaid. The liabilities in question as of September 30, 2000, when the Stara Zagora-based plant went bankrupt, exceeded BGN 90 million. The liabilities to workers alone amounted to BGN 5 million at that time. Available tangible assets did not exceed BGN 10-12 million then, before dozens of revaluations.
Source: Banker (11.12.2019)